Ocean Protocol Price Analysis: Will OCEAN Retest $0.16 Level?


  • Current Ocean Protocol Price is 0.28 dollars
  • OCEAN’s intraday volume stands at $14,868,799.00.
  • Ocean Protocol(OCEAN) records downward movement today.
  • The EMA(50) is currently at $0.16.

28 April 2024 : In this article we will walk you through Ocean Protocol price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Ocean Protocol, Is OCEAN a good investment? Ocean Protocol support & resistance levels etc. But before diving deep into the OCEAN technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,377,405,176,054. The total trading volume stands at $52,828,403,102. Bitcoin shares 52.78 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $63,727.55 level after an upward movement of 1.33%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 6.55 percent reaching to $3,312.19 during the previous 24 hours.
While publishing this blog, BNB traded at $600.57, following a price change of 1.21% within the same time frame. SOL the native coin of Solana is up by 4.99 and currently trading at $142.80. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Ocean Protocol Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Ocean Protocol (OCEAN)

OCEAN Resistance Levels OCEAN Support Levels
Resistance Level 1 $0.16 Support Level 1 $0.14
Resistance Level 2 $0.17 Support Level 2 $0.13
Resistance Level 3 $0.18 Support Level 3 $0.12

Ocean Protocol Performance

OCEAN has recorded a downtrend, losing -5% in last 24 hours. The current value of Ocean Protocol is hovering at $0.28 with the trading volume of $14,868,799.00 USD in the same timeframe. The overall marketcap for OCEAN is $394,206,421.00 USD while the coin price changes -0.1% over the week.

Ocean Protocol Price Analysis

OCEAN price analysis for 28 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Ocean Protocol.

Moving Averages Price Indicator
Simple Moving Average (10) 0.15 Buy
Exponential Moving Average (10) 0.15 Buy
Simple Moving Average (20) 0.15 Buy
Exponential Moving Average (20) 0.15 Buy
Simple Moving Average (50) 0.16 Buy
Exponential Moving Average (50) 0.16 Buy

While OCEAN’s Williams %R indicator is at -44.944 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The Relative strength index (RSI) for OCEAN Coin is currently hovering at 44 for 14-days average line, which means OCEAN is in consolidation zone right now. The MACD line is standing below of the signal line after a crossover. Ocean Protocol investors need to wait for any directional change over the daily chart.

Conclusions

There had been a negative trend for some time and it seems that the coin's recuperation will continue as long as it remains in the reddish area. You should only acquire crypto right now if you're prepared to hold it through the ups and downs of the crypto market.